EGX30, Egypt's main stock market index, dropped 0.55 per cent to 6,905 points. The total turnover was LE 979 million at the last day of the trading week.
“The effect of the failure of a deal to buy the equities of Omar Effendi in mid-trading led to intensive selling operations”, Malik Sultan director of investment for Dar AlMal Holding says.
The Arab Investment Development company (AID), which would buy an 85 per cent stake in the stores announced its decision to canceled the deal today.
European markets dragged down further the EGX30.
“The UK blue chip index ended down on Wednesday also European stocks reversed early losses and turned flat around midday on as shares in Southern Europe dipped following Spain's bond auction”. says Mohamed Alsebaie senior broker for HSBC capital mentioned as another reason for decreasing today.
Nationals dominated 67.9% of total trading, while foreign and Arab investors accounted for 28.7 % and 3.23% consecutively.
Nationals headed towards buying, they sold shares at a total value of LE 659.6 million and purchased shares at a gross value of LE 672 million.
The shares of Egyptian Chemical Industries (Kima) were the top gainers, soaring by 12.3 per cent to LE 281.1. It was followed by Kafr El Zayat Pesticides whose shares surged by 7 per cent to LE110.3.
Union National Bank-Egypt”UNM-E” was the biggest drag on the overall index, plunging by -4.2 per cent to LE9.9. It was followed by Misr Hotels which dropped -4 per cent to LE76.5.
All the sectors ended on a negative note except for Travel and Leisure.
Construction and materials was dominating 20.8 per cent of trade. It was followed by the telecoms sector with 16 per cent.
Institutions rose their share in trading against individuals to 58.9 per cent.
By contrast, the EGX70 rose by 0.09 per cent, reaching 739 points with a trading value of LE229.5 million. The EGX70 accounts for 12 per cent of the total market capitalization, with a value of LE54.3 million